US crude futures surge $2.34/bbl on Libya turmoil, EIA stats
02 March 2011 21:50 [Source: ICIS news]
HOUSTON (ICIS)--NYMEX light sweet crude for April delivery settled on Wednesday at $102.23/bbl, up $2.60 for the day amid increasing turmoil in Libya and a drawdown in crude and gasoline stocks revealed by the Energy Information Administration (EIA). Reports of an air strike near a key Libyan oil terminal and protests asking for political reform in other Arab and North African countries concerned the market, triggering a sharp rally across the energy complex. The crude gains were tempered briefly by EIA statistics showing inventories at Cushing, Oklahoma - the delivery point for NYMEX contracts - hitting a record high. As the dollar weakened and the stock market climbed, April crude surged to establish an intra-day high of $102.41/bbl, up $2.78, before retreating.
By: Ignacio Sotolongo
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